This roundup will be published monthly. It is meant to highlight some of the most notable funding rounds of the month and is not intended to be comprehensive.
Several major fundraising announcements in the payer/employer space were announced this month. Here is a list of some of the biggest funding rounds:
- HiLabs raises $39 million in Series B funding
Bethesda, Maryland-based HiLabs is a company that primarily serves health insurers and uses AI to manage dirty data. The company offers products for provider data accuracy, clinical results, payment accuracy and value-based care.
Its Series B funding round was led by Denali Growth Partners and Eight Roads Ventures and included participation from F-Prime Capital. In total, HiLabs has raised about $41 million. The company plans to use the funds to scale its provider solution to more health insurers and grow its clinical solution, Amit Garg, CEO and co-founder of HiLabs, previously told MedCity News.
- Pelago secures $58 million in Series C funding
New York City-based Pelago is a virtual clinic for substance use management. It serves employers and health plans and supports members struggling with tobacco, alcohol and opioids. It provides behavioral therapy and medication-assisted treatment programs.
Pelago’s Series C funding round was led by Atomico and included participation from Kinnevik AB, Octopus Ventures, Y Combinator, Eight Roads and GreyMatter Capital. The company has raised $151 million in total. Pelago will use these funds to “accelerate its product roadmap, extend its continuum of care and advance clinical research efforts,” according to a news release.
- Brightside Health nabs $33 million in Series C funding
San Francisco-based Brightside Health is a telemental health company that offers therapy and psychiatry to people with mild to severe depression, anxiety and other mood disorders. It also provides a program called Crisis Care that treats those who are actively considering suicide, have had a recent suicide attempt or require follow-up care. Its services are available in all 50 states and can be paid for with insurance.
The company’s Series C funding was led by S32 and included participation from Kennedy Lewis, Time BioVentures, Anne Wojcicki of Redwood Pacific, ACME, Mousse Partners and Triventures. Brightside Health plans to use the funds to expand into new markets and create new offerings. The company has raised over $100 million in total.
- Healthee raises $32 million in Series A funding
New York City-based Healthee is an AI-powered employee benefits app. It offers open enrollment guidance, bill and claims support, appointment booking and 24/7 access to a care team.
The Series A funding round was co-led by Fin Capital, Glilot Capital Partners and Group11, and included participation from TriNet. The funding will “facilitate the strategic scaling of operations, accelerate product development, and support expansion initiatives,” the news release stated.
Photo: StockFinland, Getty Images
